To paraphrase Sam Cooke, I don’t know much about economics. But I’m now officially worried. I confess I had previously assumed that our economy remained fundamentally sound (shades of John McCain!) despite the recent downturn. Now Noah Millman at The American Scene writes:
Right now, the Fed and the Treasury are focused on preventing the complete collapse of the financial system. They are fighting a four-alarm fire, and trying to keep the building from coming down. The renovation after the fire is going to take years. Anyone who confidently tells you they know what it’s going to look like once that process is done has been paying as little attention to the financial crisis as, say, Sarah Palin has been paying to foreign policy.
For your daily dose of conservative doom-saying, I’d recommend Rod Dreher and Patrick Deneen (who has yet to post on this particular crisis, but always offers a heterodox – and eminently readable – conservative take on America’s culture of consumption). On the other end of the spectrum, my favorite liberal Cassandra is probably Ezra Klein.
UPDATE: A friend writes (tongue in cheek?): “Read Kudlow. Market. Self. Correction.” One can only hope . . .